9-531 County Road B

West Leipsic, OH 45856

$109,900D+

1 bd · 1.0 ba · 1,350 sqft · Built 1925 · SingleFamily · Pending · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $899/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $-16/mo
• Annual: $-194/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• 1% rule: 0.82%
• Cash to close: $30,772

Investor read

• This is a 1-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $-16 ($-194/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (18.2% below list).
• It's been on market 72 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (18.2% below list) — sets the bar for 1% rule.
• In year one you build about $153 of equity ($760 loan paydown + $-607 appreciation (-0.6% local appreciation)).
• Location reads 62/100 on livability (#869 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Leipsic Local (rural): math 65% / reading 65% proficiency, ranked #223 of 656 in OH (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Leipsic Elementary School (math 67% / reading 67%, grade B+, #456 of 1,584 statewide, top 31%, 341 students, 32% FRL); Leipsic High School (math 62% / reading 62%, grade B-, #202 of 781 statewide, top 29%, 363 students, 34% FRL) — zoned schools average 33% FRL vs 55% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; solid renter incomes; 41 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $110k implies a 131% gain — meaningful room to come down on a strong offer.
• This rent is only 12% of the median local income ($87k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?